Nigerian billionaire and Chief Executive Officer of Dangote Refinery, Aliko Dangote, don see his net worth double to $28 billion since his long-anticipated oil refinery start operations.
According to Bloomberg Billionaires Index on Thursday, the launch of Nigeria’s biggest oil refinery, which dey fully operational now, has boost the wealth of the nation’s industrial magnate significantly.
Dangote’s refinery, wey dey inside Lekki Free Trade Zone in Ibeju-Lekki, Lagos, na the world’s largest single-train oil refinery and one of the most advanced. The refinery get the capability to process different types of global crude oil.
“The refinery get the potential to transform Nigeria’s economy by making the country self-sufficient in fuel production. And it has more than doubled his net worth to $27.8 billion,” Bloomberg report say.
Expectations high, with reports saying the refinery go reshape Nigeria’s energy sector by producing refined petroleum products domestically, potentially ending the country’s dependence on fuel imports.
Analysts predict Dangote’s wealth could grow even further in the coming months as the refinery ramps up production and expands its portfolio of refined products. Dangote is poised to dominate Nigeria’s fuel market, with plans to export a portion of the output to other African nations.
At 67, Dangote has built most of his wealth through his 86 per cent stake in Dangote Cement, a company valued at over $9 billion, with operations in ten African countries. Apart from cement, the Dangote Group also have interests in sectors like food production, fertilisers, and real estate.
